The latest News
Preferred bidder for an extended highway for New Busan Port
2006-08-30
The Ministry of Maritime Affairs and Fisheries selected a consortium including Ssangyong E&C as a preferred bidder on August 30th to build an expressway for New Busan Port funded by private capital.
The built-to-operation contract called for the consortium to construct a 15.26 kilometer-long, four-lane highway from the Namhae Expressway to a western container port in New Busan Port for a total of KRW 325.4 billion. Ssangyong E&C has an 11.5 percent stake(or 37.4 billion) in the consortium. The construction will be under way from July 2007 to December 2011. The consortium will operate the highway for 30 years from January 2012.
Amid fierce competition for privately funded government projects, Ssangyong E&C is expected to gain a stable profitability from the operation by securing the government’s financial support worth about KRW 110 billion, in association with financial investments from Kyobo Life Insurance, Daehan Life Insurance and Balhae Infra Financial Investment.